Bitdeer Technologies Group (NASDAQ:BTDR) Sees Unusually-High Trading Volume on Analyst Upgrade

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) saw strong trading volume on Monday after Benchmark raised their price target on the stock from $16.00 to $29.00. Benchmark currently has a buy rating on the stock. 11,070,282 shares traded hands during mid-day trading, an increase of 312% from the previous session’s volume of 2,688,355 shares.The stock last traded at $21.14 and had previously closed at $21.01.

A number of other brokerages also recently weighed in on BTDR. Cantor Fitzgerald restated an “overweight” rating and set a $13.00 target price on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Northland Capmk upgraded shares of Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. HC Wainwright boosted their target price on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Needham & Company LLC restated a “buy” rating and set a $14.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday, November 19th. Finally, Northland Securities upped their price objective on shares of Bitdeer Technologies Group from $14.00 to $20.00 and gave the company an “outperform” rating in a report on Friday. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $17.20.

Institutional Trading of Bitdeer Technologies Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio bought a new position in shares of Bitdeer Technologies Group during the 3rd quarter worth approximately $66,000. Centiva Capital LP bought a new position in shares of Bitdeer Technologies Group in the 3rd quarter worth $91,000. Barclays PLC bought a new position in shares of Bitdeer Technologies Group in the 3rd quarter worth $161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Bitdeer Technologies Group in the 3rd quarter worth $169,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Bitdeer Technologies Group in the 3rd quarter worth $220,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

Bitdeer Technologies Group Stock Performance

The business has a fifty day moving average of $9.87 and a 200-day moving average of $8.81. The company has a market capitalization of $2.37 billion, a P/E ratio of -40.58 and a beta of 2.26.

About Bitdeer Technologies Group

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.